The centralized World Wide Web which was introduced in 1993 navigated a new way of thinking about the world. On the World Wide Web, individuals are able to interact and communicate with each other without physically being in the same place. It was so impactful that it is said to be one of the most influential discoveries of the 20th century.
However, the centralized infrastructure turned out to be a victim of its own success because of the relatively small group of actors now controlling the overwhelming majority of web traffic which has led to issues related to censorship, data breaches, and privacy violations.
Later, Web3 came into the big picture. The decentralized web — Web3 —allows its users to control their own data. With the help of peer-to-peer technologies, Web 3.0 allows its users to interact with one another without the inclusion of any middleman.
This provides users with more control over their data. It also creates a more open and accessible internet for people.
What is Web 3.0?
Before we go on to Web3, let’s have a look at how time got changed and how people were introduced to Web3.
Web 1.0 (1989-2004): In the initial stage of the internet, it was only accessed through a desktop computer connected to a physical network of wires. The read-only version of the web was restricted to text and hyperlinks. It was initially used for academic research and sharing information. In the 90th century, web browsers like Netscape Navigator and Internet Explorer made it easier for their users to access the internet.
Web 2.0 (2004-present): With the introduction of Web 2.0, the internet became more of an interactive and user-friendly space where people were enabled to create their own content, share it, and interact with each other. During this time, social media platforms like Facebook, Twitter, and YouTube came into existence. These platforms gave people a platform to share their thoughts and ideas with people across the world.
Likewise, the discovery of smartphones and tablets turned out to be a new venture for people to access the internet.
Web 3.0 (present-future): Then came Web 3.0 and the centralized nature of the web was not sustainable. The time was in need of the new decentralized web where individuals are allowed to control their own data.
So, what is web 3.0?
It is said to be an inclusive set of policies that provide building blocks for application developers. Web3 is the next decentralized relevance of the internet and it enables developers to build decentralized applications, also known as dApps, which are powered by the highly-efficient blockchain technology that allows them to function without the need for a central authority. With this, the users can interact and they don’t even have to let go of their personal data.
With blockchain technology, Web3 takes care of the concerns prevalent in Web 2.0. These issues include data privacy, security, and censorship. Web3 is said to be a set of protocols that aim to create a peer-to-peer and decentralized internet.
There are as many as four core principles of Web3:
Decentralization: While the web pages are not hosted on centralized servers, they’re stored on the decentralized network of computers that is known as the blockchain.
Permissionless: Everyone will have the access to Web3 pages and they would be able to use these pages without any permission from the central authority. Notably, the access provided cannot be revoked.
Native Payments: While Web3 uses cryptocurrency, the users can also make payments to each other, without the interference of a middleman.
Trustless: Instead of depending on the central authority, the Web interactions get authenticated by the network itself and it functions on the incentives and economic rewards, rather than the trust.
Why Is Web3 Important?
There are some ways Web3 can impact the world and why is it important:
Decentralized applications have the potential to change the way people interact with the internet. For example, the music industry has started to explore the use of blockchain technology in an order to create dApps, allowing musicians to connect directly with their fans and even get paid for their work.
While Web 2.0 allows user-generated content, its read-write permissions had some restrictions.
For instance, upon creating an account on Facebook, an individual provides the company with access to their personal data. Facebook has been indulged in several privacy scandals that include the spread of Covid-19 misinformation and the Cambridge Analytica scandal.
On the other hand, Web3 has no central authority that controls the platform. It is powered by blockchain technology that allows people to interact with each other directly.
As mentioned earlier, centralization may lead to censorship as there’s only one entity that controls the platform and that entity has the authority to decide what content is allowed and what is not. This opens the door for all kinds of abuse that includes political censorship and discrimination.
Web3 is not just a new technology; its inclusiveness allows more people to participate
The Web3 Internet is based on decentralized blockchain technology. It has been changing all aspects of people’s daily lives across the world. It is because of the many factors that include changing of times, trends, and user preferences. Additionally, there is an important fact that Web3 is more inclusive and the minds behind it are increasing their impact on a larger human-centric Internet.
Inclusion sparks interest in Web3
As per the recent study by Harris Poll, over 18 percent of Black Americans have already been involved while approximately 44 percent of people of color own digital assets. Reportedly, Black and Hispanic leaders, educators, and marketers have been working to outshine the other groups by using blockchain technology.
Women’s Influence in Web3
The minds behind Web3 are far away from the exclusive club for the “blockchain brothers”. In the meanwhile, women have had a deep impact on Web3 as creators, builders, and leaders in their respective fields. These women formed the Female Founders Collective (FFC) in an order to encourage the female founders to assist in the success of Web3.
While there are reportedly less than 2 percent female founders in Web2, there are greater opportunities to find other sources of funding for women in Web3. The opportunities for the 2 percent of funded women are more public funding than the venture capital, as compared to the opportunities for the female founders in Web3 and NFTs.
Web3 will definitely change the statistics as it wants to make sure that women understand these tools and grow their businesses.
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